I am coming to you for some important tax advice, and I am hoping you can help me. I heard that you were very prompt at replying to your clients!

love to play Lotto 649 each week, and after years of losing, I finally won the jackpot. My winnings totaled $320,000 this year. I am a little nervous about the tax implications, as this is going to be a big tax bill for me this year.

The news of my winning spread fast. The development team at St. Lawrence College Foundation reached out to me to see if I would be interested in donating to the emergency fund at the College. Such a great fund - as an alumnus, this is so important to me. They mentioned that I could claim the charitable donation on my tax return. I am not sure how that works, or what that even means. I was too embarrassed to ask them! (I seriously know nothing about taxes)

I am thinking that I would like to donate $120,000 of my winnings to the College before the end of this year. They are a registered charitable foundation, and I will receive a charitable tax receipt for my tax return.

Do I have to claim the full amount of the donation this year? I am very overwhelmed, and I am not sure where to even begin. My taxable income for the 2022 tax year was $70,400, and it looks like it will be the same for this year in Canada.